Faurecia Streamlines International Procurement Process with OpenText

Rhea-AI Summary

OpenText (NASDAQ: OTEX, TSX: OTEX) has announced the implementation of its Vendor Invoice Management (VIM) for SAP Solutions by Faurecia, a global leader in automotive technology. This solution enhances financial processes amid pandemic challenges, streamlining document-centric processes and increasing cash visibility. Faurecia digitized 80% of its 2 million annual financial operations, optimizing procurement operations. OpenText's VIM allows companies to ensure accurate and timely payments to vendors, thus improving efficiency and collaboration across the organization.

Positive

• Faurecia implemented OpenText's VIM, enhancing financial process efficiency.
• Digitized 80% of 2 million annual financial documents, reducing manual tasks.
• Improved cash visibility and cross-collaboration during pandemic challenges.

Negative

• None.

Global company enhances invoice visibility and drives efficiency with OpenText Vendor Invoice Management for SAP Solutions

WATERLOO, ON, Jan. 19, 2022 /PRNewswire/ -- OpenText^™ (NASDAQ: OTEX), (TSX: OTEX), today announced, Faurecia, a global leader in automotive interiors and emission control technology, implemented OpenText™ Vendor Invoice Management (VIM) for SAP® Solutions to manage and access high volumes of information and drive efficiency of procurement operations.

Headquartered in France, Faurecia operates more than 300 sites in 35 countries, with close to 115,000 employees worldwide. The company develops automotive technology to advance safe, personalized transportation that is environmentally responsible. Faurecia needed a solution to enhance and standardize key points of its financial process and implemented OpenText Vendor Invoice Management for SAP Solutions.

"The pandemic was a challenge for everybody, and we could not imagine maintaining our accounts payable without implementing OpenText Vendor Invoice Management. For us, this solution was key to our business continuity," said Salomé Silva, Accounts Payable Team Leader and SAP Business Analyst at Faurecia. "We streamlined our document-centric processes, increased cash visibility, strengthened cross-collaboration, and we're now well equipped to respond efficiently during the pandemic and beyond."

OpenText Vendor Invoice Management for SAP Solutions streamlines procure-to-pay and order-to-cash operations for SAP customers. By optimizing the process of receiving, managing, monitoring, and routing all invoices, quotations, order confirmations, delivery notes, sales orders, remittance advices and related documentation, Faurecia has successfully digitized 80% of its 2 million annual pieces of financial operations information.

"Many companies were forced to examine their business processes when the pandemic struck," said Muhi Majzoub, Chief Product Officer at OpenText. "With the implementation of OpenText Vendor Invoice Management, Faurecia is now able to take advantage of a solution that helps them ensure consistent, accurate, timely and compliant financial payments to all their vendors worldwide.

Digital transformation amplified Faurecia's capacity to manage, access, and use information globally. By connecting information to people, applications, and systems, when and where it is needed, the company continues to reduce manual requirements, enhance collaboration, drive efficiency, and achieve results.

To learn more about OpenText SAP Solutions please read here.

Read the customer story here.

About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Edi­­tions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com

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Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Copyright © 2022 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents.

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SOURCE Open Text Corporation

FAQ

What is OpenText's Vendor Invoice Management (VIM) for SAP solutions?

OpenText's VIM for SAP solutions is a tool designed to streamline financial operations, enhancing efficiency in procurement processes.

How did Faurecia benefit from using OpenText VIM?

Faurecia improved financial processes by digitizing 80% of its financial documents and enhancing cash visibility and efficiency.

What challenges did Faurecia face that prompted the use of OpenText VIM?

Faurecia faced challenges due to the pandemic, which necessitated improvements in their accounts payable and financial management processes.

What is the stock symbol for OpenText?

OpenText is listed under the stock symbol OTEX on both NASDAQ and TSX.

When was the announcement about Faurecia's implementation of OpenText VIM made?

The announcement was made on January 19, 2022.